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1 000 000 Milpengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1946 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Pengo (1927-1946) |
| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | EGYMILLIÓ MILPENGŐ BUDAPEST, 1946. ÉVI MÁJUS HÓ 24 -ÉN MAGYAR NEMZETI BANK A BANKJEGYHAMISITÁST A TÖRVÉNY BÜNTETI (Translation: One billion Pengoes Budapest, 24th of May, 1946 Hungarian National Bank Counterfeiting banknotes is punishable by law) |
| Reverse description | Log in to see details |
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| Protection type | Log in to see details |
| Protection description | the Magyar Nemzeti Bank monogram or pattern visible in the paper when held to light |
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| Comments |
Hungary's post-World War II hyperinflation remains the worst ever recorded in history. By mid-1946, prices were doubling roughly every fifteen hours, and the pengő was being replaced by denominations that strained comprehension — the milpengő unit, equivalent to one million pengős, was itself so devalued that the one-million milpengő note represented one trillion original pengős. It was a unit created specifically because printing the actual number of zeros had become impractical.
The forint replaced the entire pengő series on 1 August 1946. The conversion rate was 400 octillion pengős to one forint.